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TORONTO - Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA), a lithium-ion battery manufacturer with a market capitalization of $100 million and annual revenue of $44 million, announced today that it has secured purchase orders valued at approximately $7.3 million through its OEM sales channel. The orders are for batteries that will power electric vehicles used for material handling at multiple distribution centers of a top Fortune 100 e-commerce company in the United States and Canada. This recent order follows a $3.5 million order from the same customer in November 2024.
The company’s Vice President of Business Development, Dr. Jeremy Dang, expressed satisfaction with the repeat business, noting that the orders will bring the total number of Electrovaya batteries deployed by the customer to over 2000, across more than 40 distribution centers on two continents. Dr. Dang highlighted the customer’s commitment to adopting clean and durable energy solutions. According to InvestingPro data, analysts maintain a Strong Buy consensus on Electrovaya, with sales growth expected in the current year.
Electrovaya, headquartered in Ontario, Canada, is known for its proprietary lithium-ion battery technology, which is touted for enhanced safety and longevity. The company maintains a healthy gross margin of 31% and a strong current ratio of 1.55, indicating solid financial stability. The company is also developing next-generation solid-state battery technology and has recently acquired a site in New York state for a planned gigafactory.
The press release also contained forward-looking statements regarding potential additional orders from the customer within the calendar year and the company’s ability to meet customer demand. Get deeper insights into Electrovaya’s growth potential with InvestingPro’s exclusive Fair Value analysis and comprehensive research report, available along with 10+ additional ProTips. However, these statements are subject to various risks and uncertainties that could affect actual results, including customer ordering patterns, geopolitical factors affecting trade, and the overall health of the lithium battery industry. The company’s next earnings report is scheduled for May 13, 2025.
The information in this article is based on a press release statement from Electrovaya Inc.
In other recent news, Electrovaya Inc. has announced a significant purchase order valued at approximately $4.2 million for their lithium-ion batteries. This order comes from a U.S.-based cold storage logistics operator, which already utilizes Electrovaya’s technology across six facilities. The new order adds to over $13 million in total purchases by the customer, indicating a strong and ongoing business relationship. Additionally, Raymond James has initiated coverage on Electrovaya with a strong buy rating and a price target of $4.50, highlighting the company’s potential growth in the material handling electric vehicle sector.
Raymond James analysts noted Electrovaya’s strategic focus on niche markets, such as electric forklifts, as a strength that differentiates it from broader market competition. Furthermore, Electrovaya has recently filed a Form 6-K with the U.S. Securities and Exchange Commission, updating stakeholders on its corporate activities for March 2025. This filing underscores Electrovaya’s commitment to regulatory compliance and transparent disclosure practices. The company’s ongoing efforts in developing solid-state battery technology were also noted by analysts as a potential future growth driver. These developments reflect Electrovaya’s active engagement in expanding its market presence and technological capabilities.
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